Narendra Modi sets target of breaking into top 50 on ease of doing biz ranking; says efforts on to make India $5 trillion economy

New Delhi: Prime Minister Narendra Modi Monday set an ambitious target of India breaking into top 50 nations on the World Bank's ease of doing business ranking and said efforts are on to nearly double the size of country's economy to $5 trillion.

In his opening remarks at a meeting called on ease of doing business ranking with the Indian industry, Modi said the era of policy paralysis has ended and his government was giving policy-based governance that has helped catapult the country from 142nd rank among 190 nations on the World Bank's ease of doing business ranking in 2014 to 77th position this year.

A file photo of Prime Minister Narendra Modi. Twitter/@MEAIndia

Reforms will continue and procedures would be further eased to make it easier for companies to do business in the country, he said adding efforts are on to increase the size of the economy to $5 trillion.

India was ranked 142nd among 190 nations when the Narendra Modi's government took office in 2014.

At that time, the country was battling perceptions of excess red-tape and policy paralysis, Modi said.

Four years of reform pushed up India's rank to 100th in World Bank's 'Doing Business' 2018 report. It was 130th in 2017 when India was ranked lower than Iran and Uganda.

Before 2014, those who had seen instability in policies & policy paralysis, for them it was impossible to believe that India can earn a rank in world’s Top 100 countries: PM Modi at "Reflections on Ease of Doing Business" program in Delhi pic.twitter.com/i0HTicMaQZ

As per the analysis of Moody & World Economic Forum the position of India has either gone up or is rising. Now our efforts are to take India to the 5 trillion dollar club. To achieve this, we have to improve in all the sectors of the economy: PM Modi in Delhi pic.twitter.com/qpDkdYrv24

In its annual 'Doing Business' 2019 report, India secured the 77th position. New Zealand tops the list, followed by Singapore, Denmark and Hong Kong. The United States is placed at 8th and China ranked 46th. Neighbouring Pakistan is placed at 136.

India has improved its ranking by 53 positions in the last two years and 65 places in four years since 2014.